Financial conglomerate Mitsubishi has launched a blockchain-based metal trading platform called ECOsystem. According to the report the ECOsystem is powered by blockchain firm Skuchain for supply chain management and finance.
ECOsystem will initially be used for their metal trading system after which it would be expanded to a wider supply chain within the Mitsubishi ecosystem. ECO is designed to facilitate the entire supply management for metal traders. some of which include the verification and managing of invoices and confirmation of transactions.
Traders will be able to manage information regarding transactions securely and transparently within the blockchain. It is expected that ECO would achieve an efficient system where trade executions can be performed anywhere across the world.
According to Mitsubishi, the development of ECO is a reaction to the COVID-19 pandemic which has forced major international trade partners to innovate to avoid going out of business. The company also believes that the launch of ECO actualizes their vision of scaling their businesses and supports their long term ambitions.
ECO is the first major product from Skuchain since its partnership with Mitstibushi was announced and will utilize the power of Skuchain’s technology for data sharing and secure encryption. This would allow different trading parties distribute data while maintaining control of sensitive information.
This is a major milestone for the blockchain company that is focused on liquid supply chain. Its EC3 platform utilizes value chains that helps to achieve optimal scalability and flexibility. Its financial solutions have been adopted in different sectors globally.
Blockchain technology increasingly adopted in supply management systems globally
Blockchain technology has been adopted increasingly by top organizations in the world for supply management systems. This is one of the major strengths of decentralized technology as it can be deployed to ensure increased efficiency within large organizations.
VeChain is one of the blockchain projects that has been able to achieve tremendous growth within the supply management sector. The blockchain platform recently completed the first phase of its LNG blockchain project in partnership with Chinese natural gas giant Shanghai Gas.